$1 trillion coronavirus economic aid sought by U.S. senate

20.03.2020 - Petr Mazaylo
$1 trillion coronavirus economic aid sought by U.S. senate

On Thursday, an emergency legislation had been introduced by U.S. Senate Majority Leader Mitch McConnell. This aims at stemming economic fallout created by the coronavirus pandemic. Both Republicans and Democrats agreed to meet today to reach an agreement.

The financial package includes direct financial help for Americans, small businesses relief, and support for both healthcare professionals and coronavirus patients, the Senate Majority Leader said

“We are ready to act as soon as agreement with our colleagues across the aisle can be reached,” McConnel had announced on the plenary. “The Senate is not going anywhere until we take action.”

According to Republican Senator Lamar Alexander, voting would still take days.

McConnell also implored Treasury Secretary Steven Mnuchin and White House economic adviser Larry Kudlow to work with lawmakers to arrive at an agreement. They will all be at Capitol Hill on Friday.

Senate Democratic Leader Chuck Schumer had stated that the Democrats are already prepared.

While looking forward into working with them for a bipartisan product, Schumer had stressed any “bailout” of industries should be aimed at aiding workers, not executives or shareholders.

Schumer and House of Representatives Speaker Nancy Pelosi said in a statement regarding the Republican bill “is not at all pro-worker and instead puts corporations way ahead of workers.”

Top Democrat on the Senate Appropriations Committee, Senator Patrick Leahy, stated that the bill would not be able to fund federal, state and local efforts against the coronavirus adequately. In addition, Leahy says, “contains no funding for first responders, child care, schools, help for the homeless, or veterans medical care.”

The Congress had already taken the matter up since the coronavirus broke in the United States, with over 12,259 people infected and 200 killed.

A key feature of the proposed package is its direct payment of up to $1,200 to individuals and double for couples that have a declared income threshold. Also, $500 for each child in the family will be given. These details were given by a Senate Finance Committee.

Individuals who are getting no more than $75,000, and $150,000 for couples, would be getting the maximum support. Payments are reduced for those going above those figures; they will be getting $99,000 for individuals and $198,000 for couples.

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